I&E not updated since 2015 please advise

Me and my wife are in the last few months of our IVAs. We just got sent a letter asking for income and expenditure review and have been asked for P60s going back the length of the IVA.
Our last review we completed was Oct 2015, my wife was on maternity and our I&E was very different. My wife had a significant pay rise in Oct 2018, and I earn approx 20% more than I did on the last review.
I spoke to Payplan this morning and gave the lady a correct update of figures and after speaking to her boss has informed us we are in breach of the IVA. I accept through our own ignorance we didn’t give the yearly I&E (I got emails and on their website which I use to pay each month (we are up to date with payments and no arrears) and on the top it always states an annual review is due) so accept the breach is our own fault.
We have no equity in our property (this review was only recently conducted by Payplan) and are up to date with our mortgage etc.
We have 4 payments left until the end of our IVA and are worried it will be terminated and we are left to deal with our creditors ourselves.
Does anybody know what’s likely to happen? It’s obvously a worry, which we could have avoided but honestly we just didn’t appreciate the situation we have created for ourselves.
Will we fail outright or will Payplan rather try to recoup whatever sum they figure we owe by extending the IVA again? Will the creditors decide or will it be up to Payplan?
We feel awful and respectfully ask for any advice. Thank you x

Comments

  • They are very unlikely to terminate your IVA.

    You will be given an opportunity to rectify the breach. You are not the first person to do this and won't be the last, sadly people think once the IVA is accepted that is them done but it is really important to keep up to date with income and annual reviews for this reason.

    Ask Paypal to calculate how much they believe you owe. If you are able to extend your payments to pay this in within 12 months then ask to do this. This extension is only to introduce outstanding funds (which I am guessing is additional monies) so no further income reviews should be required.

    If you can't introduce it within 12 months then you will need to pose a variation to the creditors. Explain the situation, provide an up to date I&E and offer a 12 month extension to compensate for the funds not introduced. It will be up to the creditors whether they decide to accept it or not.

    So, your first step.... ask Paypal how much they calculate as being outstanding on top of the 4 payments due, and what is this for (I.e. clarify if it's additional monies calculated from the 6 monthly income reviews). Let us know what they say to that
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